HomeMy WebLinkAboutResolutions - 1995.09.07 - 24633MISCELLANEOUS RESOLUTION #95231 September 7, 1995
BY: PLANNING AND BUILDING COMMITTEE, CHARLES E. PALMER, CHAIRPERSON
RE: DEVELOPMENT AND PLANNING DIVISION RESOLUTION APPROVING THE ISSUANCE OF
REFUNDING BONDS (DETROIT COUNTRY DAY SCHOOL PROJECT) - VILLAGE OF BEVERLY
HILLS
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS The Economic Development Corporation of the County of Oakland (the
"EDC") issued on October 24, 1990, its $7,500,000 Five-Year Convertible Demand
Adjustable Rate Limited Obligation Revenue Bonds (Detroit Country Day School
Project), Series 1990 (the "Bonds"), under the Economic Development Corporations
Act (the "Act") for the captioned Project, to assist in the financing for the
benefit of Detroit Country Day School (the "Company") of a new 66,000 square foot
middle school facility in the Village of Beverly Hills; and
WHEREAS the School has proposed that the EDC issue refunding bonds (the
"Refunding Bonds") in the maximum principal amount of $2,040,000 to refund the
$2,000,000 payment due on the Bonds on October 1, 1995, and pay a portion of the
issuance costs related to the Refunding Bonds, in order to extend the maturity
(to on or about October 1, 2015) of the $2,000,000 due and to lower the interest
rate applicable thereto; and
WHEREAS the Internal Revenue Code of 1986, as amended, requires that a
public hearing be held with respect to the Refunding Bonds by reason of the
extension of the maturity and the change in interest rate occasioned by the
issuance of the Refunding Bonds; and
WHEREAS the Board of Commissioners has held a public hearing to consider
whether to approve the issuance of the Refunding Bonds by the EDC; and
WHEREAS the Board of Commissioners, following such public hearing, approves
the issuance of the Refunding Bonds by the EDC.
NOW THEREFORE BE IT RESOLVED that the issuance of the proposed Refunding
Bonds by the EDC is hereby approved
BE IT FURTHER RESOLVED that the County Clerk is hereby directed to provide
four certified copies of this resolution to the Assistant Secretary of the Board
of the EDC.
Chairperson, on behalf of the Planning and Building Committee, I move the
adoption of the foregoing resolution.
HsEW4FPRov OREGOING RESOLUTION
7/ Wir
County Executive Date L Brooks Patters
Resolution 495231 September 7, 1995
Moved by Palmer supported by Moffitt the resolution be adopted.
AYES: Garfield, Holbert, Huntoon, Jacobs, Jensen, Johnson, Kaczmar,
Kingzett, McCulloch, McPherson Moffitt, Obrecht, Palmer, Pernick, Powers,
Quarles, Schmd, Wolf, Amos, Crake, Devine, Dingeldey, Douglas. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland, do hereby certify that the
foregoing resolution is a true and accurate copy of a resolution adopted by the
Oakland County Board of Commissioners on September 7, 1995 with the original
record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the
County of Oakland at Pontiac-, Michigan this 7th day 1/42X---fiepte
n D. Allen, County Clerk